CorMedix (NASDAQ:CRMD) Shares Gap Up - Still a Buy?

Key Points

• CorMedix shares opened higher, rising from a previous close of $7.78 to $8.02 before settling near $7.86.
• Analyst sentiment is broadly positive: seven analysts rate the stock a Buy and two rate it Hold, resulting in a “Moderate Buy” consensus and an average price target of $15.00.
• CorMedix exceeded quarterly expectations, reporting $0.29 in EPS versus $0.24 expected and revenue of $101.93 million versus $96.04 million forecast; institutional investors own 34.18% of the company.

CorMedix Inc (NASDAQ:CRMD - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $7.78, but opened at $8.02. CorMedix shares last traded at $7.86, with a volume of 118,594 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CRMD shares. Oppenheimer initiated coverage on shares of CorMedix in a research note on Wednesday. They set an "outperform" rating and a $15.00 target price for the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of CorMedix in a research report on Tuesday, August 11th. Finally, Royal Bank Of Canada lifted their target price on CorMedix from $13.00 to $14.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $15.00.

CorMedix Price Performance

The stock has a fifty day simple moving average of $7.94 and a two-hundred day simple moving average of $7.78. The company has a market cap of $604.03 million, a PE ratio of 3.62 and a beta of 1.50. The company has a current ratio of 2.56, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.05. The company had revenue of $101.93 million for the quarter, compared to analysts' expectations of $96.04 million. CorMedix had a return on equity of 40.52% and a net margin of 40.49%. On average, equities analysts predict that CorMedix Inc will post 0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On CorMedix

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Kestra Advisory Services LLC raised its holdings in CorMedix by 142.9% during the first quarter. Kestra Advisory Services LLC now owns 10,200 shares of the company's stock worth $69,000 after purchasing an additional 6,000 shares during the last quarter. Summit Securities Group LLC purchased a new stake in CorMedix during the first quarter worth $70,000. Quantbot Technologies LP acquired a new stake in CorMedix in the second quarter valued at $85,000. Allworth Financial LP purchased a new position in shares of CorMedix in the second quarter valued at $88,000. Finally, Stoneridge Investment Partners LLC purchased a new position in shares of CorMedix in the second quarter valued at $99,000. Institutional investors and hedge funds own 34.18% of the company's stock.

About CorMedix

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat infectious and inflammatory complications associated with medical devices and procedures. The company's lead product is DefenCath (taurolidine and heparin), an antimicrobial catheter lock solution intended to help reduce catheter-related bloodstream infections in adult patients receiving chronic hemodialysis through central venous catheters.

DefenCath was approved by the U.S.

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